Net income at Bank of Montreal’s Private Client Group rose 13 per cent year-over-year to C$144 million (around $141.3 million) for the fourth quarter ended 31 October.

Net income at Bank of Montreal’s Private Client Group rose 13 per cent year-over-year to C$144 million (around $141.3 million) for the fourth quarter ended 31 October.

Excluding the insurance business, net income increased 20 per cent to C$103 million, as the Canadian firm says it continues to see growth across its wealth management business despite weak markets.

Revenue at the unit was C$699 million, up by 18 per cent from the prior year.

The results came out this morning on the heels of positive financial news from Scotiabank, which yesterday reported a 33 per cent rise in net income from its global wealth management business.

BMO’s wealth management results included a full quarter of earnings from the acquired M&I wealth business, which added C$6 million of net income in Q4, as well as the effects of the Lloyd George Management acquisition, which contributed a C$3 million net loss.

Meanwhile, assets under management and administration grew by C$158 billion from a year ago to C$422 billion, or by C$12 billion when the effects of the acquisition and weaker US dollar are removed.

Across all its businesses BMO Financial Group reported net income of C$897 million for the fourth quarter and C$3.3 billion for the full fiscal year 2011.

"We finished with net income up C$450 million to C$3.3 billion, having announced in late December, and closed in early July, a $4 billion acquisition that has fundamentally changed our competitive position in the US Midwest,” said Bill Downe, president and chief executive of the banking group.